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How Big is the Solar Energy Market in the US?

If you’ve been paying attention to solar trends, you’re aware that the use of solar energy is on the rise. Over the last decade, the solar industry has grown by about 33 percent each year, largely due to declining costs, higher demand, and federal incentives. But how big is the solar energy market in the United States?

China, Japan, and India are the countries with the highest utilization of solar power, but the U.S. has the fastest growing solar market. According to current statistics, more than 121 gigawatts of solar capacity has been installed across the United States. That’s enough to power 23.3 million homes! What’s more, as of 2020 the solar industry employed more than 230,000 Americans and in 2021 it generated more than $33 billion of private investment in the U.S. economy.

The growth in solar power installation is happening in both the commercial and residential solar markets. In 2021, residential solar experienced its 5th record year in a row, growing 30 percent over 2020. This is due in part to the increase in utility costs and the decrease in the cost of solar panel installation. 2022 is projected to be the best year yet for solar, as people take advantage of tax credits set to expire at the end of the year. As to commercial solar, it’s been given a boost by large companies like Walmart, Apple, Amazon, and Target setting clean energy goals and adopting solar usage.

Measured by revenue, the solar power industry in the United States is currently $16.0 billion. With an expected increase of 27.4 percent in 2022, this number is only going to go up. The global solar market is expected to reach an astonishing $368.63 billion by 2030. How much of that will be the United States’ share? It’s estimated that our nation’s solar capacity will quadruple by then. President Biden has stated a goal of 100 percent clean energy by 2035, and to reach that goal, the solar market will need to continue to increase. In fact, for full decarbonisation, the Department of Energy estimates that solar power will need to account for at least 40 percent of our electrical supply.

Are you ready to be part of the solar trend? If you’re looking for a solar energy installer with a stellar reputation and quick turnaround, contact Sunlogix Energy. A leading full-service solar solution at the forefront of creating a sustainable planet, powered by the sun, we’ve been voted the Best Solar Company in the Desert by the Coachella community 2 years running. We offer residential and commercial solar, always striving to provide full customer satisfaction by offering premium products and professional installation at an exceptional value. Focused on using renewable energy to create a cleaner earth, we customize solar solutions for our clients, as well as educating them on the long-term and immediate benefits provided by solar power. Call 888-844-3808 for more information or visit our website to request a free estimate today!

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